Middle East

A survey released on Wednesday showed that Saudi Arabia's private non-oil sector expanded at the fastest rate in ten months in November. This was driven by robust hiring and increased demand, but new orders grew slower than in previous months. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index fell to 58.5 from 60.2 in Oct., but remained above 50, indicating strong activity growth. The output subindex rose to 63.7, its highest level since January. New orders also continued to increase, although at a slower rate than the October peak. Domestic demand was particularly strong. In November, the subindex for...

Saudi Arabia, which is the top oil exporter in the world, approved its budget 2026 on February 2. It forecasts a deficit next year of 165 billion Riyals, and deficits until 2028, as it prioritizes its spending to meet Vision 2030 goals. Here are some comments on the budget from Saudi officials, analysts and economists: SPA, the state news agency, quotes MOHAMED BIN SALMAN as CROWN PRINCE and Prime Minister: The 2026 budget confirms that the government is determined to improve the resilience and flexibility in the local economy. This will contribute to its sustainable development and enable it to...

Five Iraqi sources who are directly involved in the matter confirmed that Exxon Mobil had approached the Iraqi Oil Ministry to express their interest in purchasing the majority stake of Russian company Lukoil in the West Qurna 2 giant oilfield. Exxon is expanding its presence in Iraq, as the U.S. company returns to the country after sanctions imposed by the U.S. Exxon refused to comment, while Lukoil did not respond to the request for comment. The U.S. Treasury has given potential buyers permission to speak to Lukoil up until December 13 but will require approval for specific transactions. Last month,...

More milestones in the opening up of Kingdom Dhahran and Jeddah follow Riyadh's 'Booze Bunker. Aramco has not commented on the reported plan By Timour Azhari & Maha El Dahan RIYADH - Saudi Arabia is planning to open two new liquor stores, one of which will serve non-Muslim foreign employees at the state oil giant Aramco. The kingdom has also eased restrictions on alcohol, according to those briefed about the plans. Launching outlets in Dhahran, a province in eastern Saudi Arabia, and in Jeddah, a port city, would mark a new milestone in the efforts of Crown Prince Mohammed bin...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

Sources familiar with the situation said that Exxon Mobil, a U.S. oil giant, is considering buying parts of Lukoil’s international assets. Sources claim that Exxon is evaluating options to purchase Lukoil assets, in Kazakhstan. Both the U.S. firm and the Russian company have stakes in the Karachaganak field and Tengiz field. Chevron, a partner in these assets as well, is also examining options to purchase them, according to a report on Monday. Two sources claim that Exxon could also be considering a bid for the West Qurna 2 oil field in Iraq. This field is operated by Lukoil, and is...

A senior White House official stated on Monday that President Donald Trump would be willing to sign legislation imposing sanctions on Russia, as long as the ultimate decision-making power remained with him. Trump told reporters on Sunday night that he was "OK" with Republicans working on legislation to impose restrictions on countries that do business with Russia because Moscow failed to negotiate a deal with Ukraine. Trump suggested that lawmakers could add Iran to sanctions measures. Both Senator Lindsey Graham, and U.S. Rep. Brian Fitzpatrick are Republicans. They sponsored legislation to impose restrictions on countries that do business with Russia....

The European Commission announced on Friday that ADNOC, the state oil company of Abu Dhabi, has received conditional approval from the EU for its bid of 14.7 billion euros ($17 billion) for German chemicals firm Covestro. The approval was conditional on the full compliance of the commitments made by both parties, which included ADNOC's proposal to adapt its articles of Association and the sharing of Covestro patents in sustainability with other market participants. Last week, people with direct knowledge of this matter said that they expect the deal to be approved. According to an update posted on the Commission's website...

Oil prices fell on Thursday, continuing losses from the previous day, after a report indicating rising crude inventories at the U.S. heightened concerns that global supplies are more than enough to meet the current fuel demand. Brent crude futures dropped 9 cents or 0.1% to $62.62 per barrel at 0336 GMT after falling 3.8% the day before. U.S. West Texas Intermediate Crude fell 11 cents or 0.2% to $58.38 per barrel, continuing a 4.2% drop on Wednesday. According to market sources, who cited American Petroleum Institute data, U.S. crude stocks rose by 1.3m barrels during the week ending November 7,...

A report released by OPEC on Wednesday showed that the world oil supply will match demand in 2020, reflecting the production increase of OPEC+. This is a shift from earlier predictions of a 2026 supply deficit. OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies - has increased its production targets by approximately 2.9 million barrels a day - or about 2.7% of the global supply – since April. The company plans to stop production increases in the first quarter 2026, amid predictions that there will be an oversupply. In a report released...

Several sources familiar with the situation said that Saudi Arabia will export to China at least 36,000,000 barrels of crude, a slight decrease from the previous month. As some Chinese refineries prepare for maintenance, and independent refiners wait for Beijing's 2026 import quotas, the expected drop in oil supply for the second consecutive month from the top oil exporter to world's biggest importer comes at a time when many refineries in China are preparing for maintenance. Sources said that one of the Chinese buyers has reduced their December volume because they have already lifted the majority of their full-year contract...

The oil price fell for the second session in a row on Wednesday as traders awaited an outcome from Russia-Ukraine talks that may boost supply. Meanwhile, concerns about a possible surplus increased due to rising inventories. Brent crude was up 2 cents or 0.03% at $62.47 as of 0427 GMT. U.S. West Texas Intermediate gained 3 cents or 0.05% to $58.67. This "weakness" comes despite the continued attacks by Ukraine on Russian energy infrastructure. A note by ING analysts on Wednesday warned that Moscow could start attacking ships from countries that support Ukraine. Analysts noted that Brent had fallen to...

The oil price steadied Thursday as traders weighed the impact of Western sanctions on Russian supply against the talks to end Ukraine's war. Trading was expected to be thin because of the U.S. holiday Thanksgiving. Brent crude futures increased 9 cents, or 0.1%, to $63.22 a barrel as of 1102 GMT. U.S. West Texas intermediate crude futures increased 19 cents, or 0.3%, to $58.84 a barrel. Steve Witkoff, U.S. ambassador to Russia and other senior U.S. officials will travel to Moscow with Russian leaders next week for discussions on a potential plan to end the nearly 4-year-old conflict in Ukraine....

Investors assessed the prospects of an oversupply, and the talks about a peace agreement between Russia and Ukraine. Brent crude futures fell 5 cents, to $62.43 per barrel at 0904 GMT. U.S. West Texas Intermediate Crude Futures rose 1 cent to $57.96. Priyanka Sahdeva, an analyst at Phillip Nova, said: "The market is fundamentally skewed downwards. Investors are increasingly pricing in a 2026 oversupply and there's no compelling demand catalyst to offset that." Brent crude and WTI both settled down 89 cents on Tuesday, after Ukrainian President Volodymyr Zelenskiy informed European leaders that the U.S. was willing to support a...

The oil prices rose slightly on Wednesday after falling to a one-month low in the previous session. This was due to signs that Ukraine and Russia are close to a deal that will likely result in the lifting of the international sanctions against Russian supplies. Brent crude futures increased 19 cents or 0.3% to $62.67 a barrel as of 0114 GMT. U.S. West Texas intermediate crude futures increased 14 cents or 0.24% to $58.09 a barrel. The two contracts were settled at 89 cents each on Tuesday, after Ukrainian President Volodymyr Zelenskiy said in a speech to European leaders that...

India's oil exports to Russia are expected to reach their highest level for five months in November, according to preliminary data from Kpler, as refiners scrambled to secure barrels before a U.S. date to stop transactions with Russian oil producers sanctioned by the United States. India, which is the third largest oil importer in the world, was the biggest purchaser of discounted Russian crude shipped by sea after Russia's 2022 invasion of Ukraine. According to the Kremlin, Russian President Vladimir Putin will visit South Asia next month. His last visit was in December of 2021, just a few months after...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...

The oil prices fell Monday, continuing the losses of last week as Russia and Ukraine peace talks moved closer to a resolution, while the U.S. Dollar strengthened. Brent crude futures dropped 14 cents or 0.22% to $62.42 a barrel at 1:48 GMT. West Texas Intermediate fell 15 cents or 0.26% to $57.91 per barrel. Last week, both crude benchmarks fell about 3% and reached their lowest settlements in over a month. Market participants were concerned that a Russia/Ukraine agreement could lift sanctions against Moscow and flood market with previously sanctioned supplies. The sell-off in oil prices was primarily triggered by...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

The oil prices rose by about 2% Friday due to supply concerns after a Ukrainian drone attacked an oil depot at the Russian Black Sea port Novorossiysk. This is a major export center. Brent crude futures increased $1.24 or 1.97% to $64.25 a bar by 0315 GMT. U.S. West Texas Intermediate Crude rose $1.25 or 2.13% to $59.94 a bar. Russian officials reported that the attack occurred early Friday morning and damaged a ship docked in port as well as apartment buildings and a depot of oil in the Russian Black Sea Port of Novorossiysk. Three crew members were injured....

The oil prices increased by more than 2% after an attack by a Ukrainian drone on a depot of crude oil in the Russian Black Sea Port of Novorossiysk. Brent crude futures increased $1.34 or 2.13% to $64.35 a bar by 0227 GMT. U.S. West Texas Intermediate Crude rose $1.40 or 2.39% to $60.09 a bar. According to a Telegram post by the operational headquarters for Krasnodar Region, drone fragments struck three apartments, an oil depot and coastal structures in a complex of trans-shipment. The benchmarks remained unchanged on Thursday, as fears of looming Russian sanctions countered worries about the...

Sources and data show that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year. Refineries have avoided a sharp decline in fuel output by using spare capacity to offset the damage caused by the strikes. Ukraine has intensified drone attacks in Russia. The aim is to destroy oil refineries and depots, and shut down pipelines, as well as Moscow's main source of funding the war in Ukraine. The majority of attacks took place at the beginning of 2025, then resumed in August. At least 17 major refineries were targeted by Ukrainian drones, which...

The oil prices are little changed today after they rose in the previous session. This is because of the expectation that the end of the longest U.S. government shut down could increase demand in this country, the world's largest crude consumer. Brent crude futures fell 8 cents or 0.12% to $65.08 per barrel at 0106 GMT, after rising 1.7% on the previous day. U.S. West Texas Intermediate Crude was down 7 cents or 0.11% to $60.97 per barrel after gaining 1.5% the previous session. The U.S. Republican-controlled House of Representatives is set to vote on Wednesday afternoon on a bill,...